CERTEFICATE —1 THIS IS TO CERTIFY THAT THE TRAINING REPORT ENTITLED “STUDY OF CAPITAL MARKET AT LUDHIANA STOCK EXCHANGE LTD” IN THE PARTIAL FULFILLMENT OF REQUIREMENTS FOR THE DEGREE OF MASTERS OF BUSINESS ADMINISTRATION SUBMITTED BY RAJAT ARORA (UNIV ROLL NO: 104602248743) HE HAS PREPARED UNDER MY SUPERVISION AND GUIDANCE AND NO PART OF IT HAS BEEN SUBMITTED FOR THE AWARD OF ANY OTHER DEGREE AND THAT THE WORK HAS NOT BEEN PUBLSHED IN ANY JOURNAL , MAGAZINE OR BOOK” DR. SANDHYA MEHTA DEPUTY DIRECTOR GNIMTCERTEFICATE — 2 THE TRAINING REPORT OF RAJAT ARORA (UNIV ROLL NO : 104602248743) TITLED “STUDY OF CAPITAL MARKET AT LUDHIANA STOCK EXCHANGE LTD” Is APPROVED AND IS ACCEPTABLE IN QUALITY AND FORM DR. (COL) H.S. SINGHA DIRECTOR, GNIMT EXTERNAL EXAMINER DR. SANDHYA MEHTA DEPUTY DIRECTOR , GNIMT